Here's Why Evolent Health Shares Jumped Today
Shares of Evolent Health (NYSE: EVH) were up 7.6% at 1:12 p.m. EDT on Friday following the release of first-quarter results after the closing bell on Thursday. The healthcare company, which provides clinical and administrative solutions to health insurers and other payers, basically met its revenue goal for the quarter and kept its 2020 revenue guidance the same. But in this market, that's quite the achievement, and investors are valuing the company accordingly.
Evolent Health was able to increase revenue by 25% year over year to $247.3 million in the first quarter. The company added two new health plans to its list of customers: EmblemHealth and an unnamed regional not-for-profit plan based in the Northeast.
COVID-19, the disease caused by the novel coronavirus, doesn't seem to be hurting the company. In fact, Evolent Health is assisting in the response by helping its customers identify members at high risk if they were infected and sending them information to limit the effects of the virus, hopefully saving lives (and money for its customers) in the process.
Source Fool.com
